S&P: Taseko Mines, notes B

Standard & Poor's said it assigned a B long-term corporate credit rating to Taseko Mines Ltd., along with a B rating and 3 recovery rating on its proposed $200 million of unsecured notes.

A 3 recovery rating indicates 50% to 70% expected recovery in a default.

The outlook is stable.

The ratings reflect the company's limited product and operating diversity, volatile profitability owing to its exposure to unstable copper and molybdenum prices and high cash costs, S&P said.

These risks are partially offset by Taseko's low debt leverage and the long reserve life at its copper mine, the agency said.

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